Wockhardt to raise up to $800 million to fund overseas acquisitions

By Jennifer Chiou

New York, March 16 - Wockhardt Ltd. said it received shareholder approval to raise up to $800 million to fund overseas acquisitions through an issue of equity-related securities.

The shareholders also authorized an increase of the Foreign Institutional Investment cap in the company to 49%.

"Wockhardt's ability to create value through acquisitions is well known," chairman Habil Khorakiwala said in a news release.

"These approvals reaffirm our shareholder's confidence in our expertise and empower us to seize global opportunities quickly."

The Mumbai, India, pharmaceutical company added that shareholders also approved the appointment of Huzaifa Khorakiwala and Murtaza Khorakiwala as executive directors.

Huzaifa Khorakiwala is leading the global animal health care business and corporate administration, while Murtaza Khorakiwala is in charge of global biotech and active pharmaceutical businesses.

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